J U N E ’ S  J U S T 

J A Z Z Y !

This month is, without question, a pivotal month on the calendar. With the recent rate cut announcement from the Bank of Canada on June 5th and the rate was cut by 25 basis points for first time since 2020. The central bank's key interest rate now stands at 4.75%, down from 5%!  Stay tuned for the next rate announcement on July 24th, 2024.

The last two years have proven that June has been the turning point of either continued market gains or the beginning of a decline. Currently, multiple offer scenarios are still occurring and homes are still selling for tremendous values overall; however, we are noticing that not all homes are experiencing the same market conditions across the board. Within the macro market at large, we are still seeing modest gains and steady activity. However, many micro markets are struggling. Within these, it has truly become a beauty pageant and a price war, with sharp pricing strategies and recent upgrades winning the day. Location still trumps
all other metrics out there, but after that, it is the most beautiful homes that are now fetching the instant interest and bidding activity, while those which may not offer the same aesthetic appeal are experiencing longer market times, price adjustments and somewhat different outcomes when compared to the flurry of early spring. Only time will tell how this all plays out.

Always remember that the Durham Region is well positioned to handle most any curve ball that global and economic forces may throw its way. Our region still offers the most affordable home ownership in all of the GT, and we have beautiful, safe neighbourhoods, abundant green space and conservation lands, easy commuting options and a thriving employment sector. We only see a path forward where our population continues to expand exponentially, and that means our housing products will stay in high demand long term.

CURRENT MARKET UPDATE: 

UPCOMING DATES TO REMEMBER: 

Saturday, June 16th - Father's Day

Tuesday, June 18th - International Picnic Day

Friday, June 21st - First day of Summer and take your dog to work day

As always, we are sincerely grateful for the opportunity to serve your real estate needs, and those of your family and friends, neighbours and co-workers.  It is a constant thrill to receive personal recommendations from our clients, and we have been so fortunate to be able to build our business on our name and reputation – and it’s all thanks to you!